Joy Global, Caterpillar and Deere decline sharply

NEW YORK (MarketWatch) -- Shares of heavy machinery builder Caterpillar Inc. CAT, +2.00% and rivals Deere & Co. [s; de] and Joy Global Inc. joyg fell sharply on Thursday, outpacing a decline in the benchmark Standard & Poor's 500 Index SPX, +1.02%. The broader market got hit by a surprise trade deficit in China, a downgrade of Spain's sovereign debt, and a jump in U.S. unemployment numbers last week, all raising concerns that the global economy is quickly cooling off. Shares of mining-equipment maker Joy Global fell nearly 5% to $87.87, farming-equipment builder Deere declined 3.3% to $86.85 and Caterpillar dropped 3% to $99.18. The stocks had a good run in the past year, tacking on more than 50% each as demand drove up commodity prices worldwide.